Cassa Depositi e Prestiti, together with a pool of financial institutions and a partial guarantee from the Central Fund, has signed a financing agreement for 23 million euros with Trevalli Cooperlat Soc. Coop. Agricola in Jesi (Ancona).
The financing is divided into two tranches: the first of 11 million for refinancing, with a duration of 6 years and guaranteed by the Central Guarantee Fund; the second, of 12 million and with a duration of 10 years, is intended to support the group's working capital and investment needs for the two-year 2020-2021 period. The pool of financial institutions is made up of UniCredit, as Book Runner and Global Coordinator, with a contribution of 10 million, Intesa Sanpaolo with 7 million and CDP with 6 million.
With this transaction, CDP is contributing to the achievement of Sustainable Development Goal 8 of the UN Agenda 2030 (Promote sustained, inclusive, and sustainable economic growth, full and productive employment and decent work for all).
Nunzio Tartaglia, Head of the CDP Corporate Division said "Trevalli Cooperlat is a cooperative world success story, showing that by bringing together the strengths of many small producers, it is possible today to compete on national and international markets. This is especially true in the agrifood sector, where product excellence must go hand in hand with good marketing skills and a widespread distribution network. CDP is proud to support companies such as this, even more so during these unprecedented times for our country's economy."
Trevalli Cooperlat is a major player in the Italian dairy sector. It was established in 1982 by the Marche Confcooperative organisation. Today, the company brings together 11 cooperatives made up of around 1000 agricultural producers operating in 6 regions, namely Marche, Abruzzo, Veneto, Piedmont, Lombardy and Trentino-Alto Adige, and 2 consortia (Fattorie Marchigiane and Abit Piemonte), together employing a total of 325 people. The milk supplied by associated producers is processed in their own factories in the Marche and Piedmont, after which the resulting products are distributed to the national market through directly managed logistics platforms/peripheral warehouses located throughout Italy. On the international market, Trevalli Cooperlat products can be found in over 40 countries, with significant turnover both in Central Europe and outside the EU. In 2019, exports made up 20% of the group's total turnover, equal to 224 million euros.
Pietro Cotellessa, President of Cooperlat said "The financing agreement signed between Cooperlat, UniCredit, Intesa Sanpaolo and CDP is intended to support the company's productive and commercial development. The transaction will enable us to deal with the company's changed financial needs more forcefully, especially given the emergency we are currently facing. The aim is to further consolidate the financial structure using the companies’ brands, which are famous for their authenticity and quality both in Italy and across the world".